This study uses longitudinal household data collected in 2001, 2004, and 2008 to identify factors that influence Zambian smallholder farmers' participation in livestock markets. Although livestock ownership increased during the study period, not all provinces experienced the upward trend. While livestock populations increased in Southern and Central Provinces, they remained stagnant in Eastern, North western and Lusaka Provinces and reduced in Western Province. Not only has herd size remained stagnant over the years, but the level of participation of smallholder farmers in the livestock markets has also remained largely the same. Crop commercialization and participation in off-farm activities reduces the likelihood of participation in cattle markets but not in the markets for small livestock.